Chancellor

Shop price annual inflation slows to 6.9% in August

Shop price annual inflation decelerated further to 6.9% in August, down from 7.6% in July, the BRC has said.  The figure, which is below the 3-month average rate of 7.7%, is at its lowest since October 2022.  Non-food inflation remained unchanged at 4.7% in August, which is below the 3-month…

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Retailers welcome budget but ‘missed opportunity’ for rates reform

Retail has welcomed the support for households in the face of the cost of living crisis in the chancellor’s Spring Budget but some have criticised it as a “missed opportunity” for business rates reform. Headline measures announced by the chancellor included an increase in corporation tax to 25% for businesses…

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Spring Budget: Corporation tax to rise to 25%

Corporation tax is set to rise from 19% to 25% for firms with profits over £250,000, as part of a number of measures announced in chancellor Jeremy Hunt’s Spring Budget. To help offset the corporation tax rise, Hunt also announced a provision of £9bn of “full capital expensing” which for…

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Retail jobs at lowest four quarter average in over a decade

The number of retail jobs in the UK was down to its lowest average four quarter level in over a decade, according to ONS Labour Market figures. The four quarter average dropped to 3.05 million retail jobs in December 2022, down from 3.08 million in December 2021. The overall number…

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Retail leaders criticise business rates reform

Retail bosses from M&S, Sainsbury’s and Currys have criticised the changes made to business rates, according to This is Money.  According to the retailers, these changes will still leave high streets and shopping centres still facing high taxes, as the new business rates are charged on shops, pubs and other…

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Mulberry shutters Bond Street store amid end of VAT-free shopping

Luxury fashion retailer Mulberry has shuttered its Bond Street store after it claimed that the end of VAT-free shopping for international consumers has negatively impacted its sales at the location.  Last year chancellor Jerermy Hunt decided to implement the levy which now sees international visitors unable to claim back the…

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Retail sales rise 6.9% over Christmas

The BRC has reported that sales on a total basis increased by 6.9% in December 2022, compared with the prior increase of 2.1% in December 2021. These figures are said to be above both the three-month average growth of 4.4% and the 12-month average growth of 3.1%. Meanwhile, the UK’s…

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CBI downgrades growth forecast to -0.4% amid ‘lacklustre outlook’

CBI has downgraded its GDP growth outlook significantly, to -0.4% in 2023 (from 1.0% in its last forecast), after a “turbulent year both politically and economically”. It said the reason behind the latest change is that the economy is likely to have fallen into a recession in Q3 2022, and…

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Retail sales plummet in November, CBI finds

Retailers saw their sales volumes plummet in the year to November, according to the CBI’s latest quarterly distributive trades survey, and a similar rate of decline is expected in December. Retail sales declined -19% in the year to November down from +18% in October. The CBI said a similar fall…

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Amazon tax bill to rise by £29m next year

Amazon’s business rates are reportedly set to rise by around £28.75m next year, as next year’s business rates are set to heavily impact online retailers, according to new analysis from real estate advisor Altus Group.   It warned that the online giant may be faced with paying £100m in extra tax…

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